In a May 28 press release, Lineage Logistics announced it has entered into an agreement to acquire Henningsen Cold Storage and its 14 facilities, which are predominantly located throughout the Pacific Northwest.
The Novi, Michigan-based temperature-controlled logistics provider expects the deal to build out its network of facilities in the region and provides it with new roots in Idaho, North Dakota and Oklahoma.
Transaction terms were not disclosed. The deal is expected to close “in the coming months.”
“We are honored to welcome the Henningsen team to the Lineage family and to serve our combined customer bases across additional points in their food supply chains,” said Lineage President and CEO Greg Lehmkuhl.
Founded in 1923, Hillsboro, Oregon-based Henningsen is a fifth-generation family business offering temperature-controlled warehousing and transportation services. The company’s transportation unit, Henningsen Transportation Services, provides truckload, less-than-truckload and shuttles service for dry, refrigerated, frozen and flatbed freight.
“We chose Lineage because we believe it will be the best way to strengthen our partnerships with customers by providing access to an unrivaled international facility network, extensive technology and automation resources as well as a robust suite of supply chain solutions,” said Henningsen President Paul Henningsen.
Lineage is owned by San Francisco-based private equity firm Bay Grove Capital. The company was founded in 2012 through a consolidation of prior Bay Grove warehouse and logistics acquisitions.
“We have known the Henningsen family since our earliest days in the cold chain industry and have deep respect for the business, culture and reputation they have built over generations.” said Co-Founder of Lineage Logistics and Bay Grove Kevin Marchetti.
Lineage has been rolling up the cold storage market through a series of deals, the most recent being the acquisition of substantially all of the assets of Northeast food service distributor Maines Paper and Food Service last week.
Following the closing of Henningsen and Maines, Lineage will have a portfolio of 311 temperature-controlled facilities with more than 1.9 billion cubic feet of capacity throughout North America, Europe and the Asia-Pacific region. Lineage’s facilities provide cold storage, warehousing, transportation, less-than-truckload consolidation and food-processing services.
Credit Suisse was the financial advisor to Lineage in this transaction with BofA Securities acting as Henningsen’s exclusive financial advisor.